Goldman joins roster of AIG backers in €300 million deal

Goldman Sachs has joined the ranks of investors in Africa Internet Group, the African ecommerce platform, participating in a €300 million or $330 million round led by existing investors MTN and Rocket Internet. French insurer AXA also participated as a first-time investor in this, the latest round for the company, providing approximately $84 million in exchange for an 8% stake in the company. Additional terms of the deal were not disclosed.

The move was welcomed by the firm’s founders and Co-CEOs, Sacha Poignonnec and Jeremy Hodara, who said in a statement “We are delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders.”

The capital will be used to strengthen the firm’s balance sheet as well as fund the Rocket Internet-owned company’s expansion plans into other markets. As well as Jumia, AIG owns and operates a network of online and mobile startup platforms across several consumer verticals including Easy Taxi, Everjobs, HelloFood, Jovago and Zando, giving it exposure to 23 African markets.

Africa Internet Group was founded in 2012 and counts Millicom International Cellular and MTN Group among its larger partner investors. The largest company in its portfolio is Jumia, the online retailer, which operates in 11 markets and reportedly recorded a transaction volume of €206 million in the first 9 months of 2015, a 265% increase on the previous year.